|USD/CAD : Neutral zone between 1.0230 and 1.03|
|A new bearish waves occured last friday on the pair USD/CAD, leading to an exit of our range 1.0230/1.03 from the bottom. So, a sell signal has been given. Then, the major support at 1.0160 has been tested. In H1, the pair got out from its bullish channel.|
Given the amplitude of the bearish rally which started on 1.0350 (190 pips), the price could have the need to breath to then take up its bearish trend. A pullback on 1.0230 stay possible. In h1, the chart show a zone of rebound that is setting up with the arrival of bullish candlesticks more and more numerous.
The breakout of 1.0160 will give a new sell signal. This major level of support and its breakout will lead to a new bearish acceleration. Next levels of support are at 1.01 and 1.0054.
Our bearish scenario stay possible as far as 1.0250 is resistance. In case of return above this level, we will be neutral between 1.0250 and 1.03.
Update : 05/07 - The bearish rally finlay continues on the pair USD/CAD who broke its major support at 1.0160, giving us a new sell signal. However, the movement lost its strengh and start a new stage of indecision, moving into a tight range.
We stay bearish has far as 1.0230 is resistance and our objective is at 1.0054.
In case of reversal and a return above 1.0230, we will past our way on this pair, waiting for new signals.
Update 07/12 - A correction occured on the pair USD/CAD who is currently testing the resistance at 1.0230 (lower band of our former range). In h1, we can see that the price is moving into a bullish channel (black line).
The exit from the bottom of its channel will indicate teh take up of the bearish trend and the support at 1.0054 should then be tested in the next days.
If 1.0230 is broken, we will be neutral between this level and 1.03. We will wait the breakout of 1.03 to advise long positions.
|Complete sheet of the pair USD/CAD - Previous USD/CAD Analysis|
Chart of the pair USD/CAD - Timeframe 4H - Zoom in :
Chart of the pair USD/CAD - Timeframe 1H
USD/CAD Live Chart - Timeframe : 4h